The Bermuda-based fund manager said in a Securities and Exchange Commission filing Tuesday that it had increased its stake in the transportation services company to 12.35%, valued at over $400 million, from 3.7% previously.

Orbis has owned XPO shares since 2013, but decided to triple its position last quarter when the company’s stock was battered by investors following a series of acquisitions, Adam Karr, managing director of Orbis’ U.S.-based business, said in an interview. The firm manages $25 billion.

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XPO has grown rapidly over the last few years through acquisitions, including the $3 billion purchase of trucking company Con-way Inc., which closed last month, and a $3.53 billion acquisition of French transportation firm
Norbert Dentressangle SA,
announced in April. Last week the company reported gross revenues more than doubled in the third quarter from a year earlier, to $2.4 billion.

However, a net loss of $35.4 million marked the 16th straight quarterly loss, and some investors have questioned whether XPO can make a smooth transition from an “asset-light” freight brokerage to operator of large fleets of trucks on two continents. XPO shares traded at about $32.29 a share Tuesday afternoon, down 2.1% on the day and off about 35% from an all-time high set in May.

Orbis became “particularly excited” about XPO after the Con-way and Norbert deals, Mr. Karr said. He added that he is confident XPO Chief Executive Bradley Jacobs will be able to integrate Con-way into XPO, identify hundreds of millions of dollars in cost-savings and improve the company’s cash flow.

Mr. Jacobs has said owning physical assets such as trucks will allow XPO to offer a full range of logistics services, making it easier to sign on large shippers as customers.

“Our view is that the market completely misunderstands the Con-way acquisition,” Mr. Karr said, “The market really hated it, but the feedback they got from their customers was totally different.”